RPT-Fitch revises mutual support mechanism criteria; banking group ratings unaffected
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Dec 18 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has revised its sector-specific criteria for analysing banking groups backed by mutual support mechanisms. The changes are mainly editorial and will not result in any changes to ratings. The revised criteria allow for the possibility of assigning a group rating if a group only meets some of the key benchmarks but also has a strong track record demonstrating that operational support is available within the group whenever needed.
Banking groups backed by mutual support mechanisms are typically cooperative and savings banking groups. The concept of risk-sharing through mutual support systems, or cooperation, is a basic principle underlying these groups.
The revised criteria report, "Banking Structures Backed by Mutual Support Mechanisms" dated 18 December 2013 is available at www.fitchratings.com. It replaces a similarly titled report dated 20 December 2012 and reflects the application of Fitch's current criteria which are available at www.fitchratings.com, specifically: 'Global Financial Institutions Rating Criteria' dated 15 August 2012 and 'Evaluating Corporate Governance' dated 12 December 2012.
Link to Fitch Ratings' Report: Banking Structures Backed by Mutual Support Mechanisms
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